The Archbishop of Canterbury yesterday warned against focusing solely on economic woes as he described children and the most vulnerable as the "real treasure" and wealth of society.

Dr Rowan Williams acknowledged anxiety and insecurity prompted by fears about job losses, disappearing savings and house repossessions in the face of the economic downturn.

However, in his pre-recorded New Year Message broadcast yesterday, he said that "our hearts" would be in a "very bad way" if we concentrated on the state of our finances to the exclusion of the welfare of fellow human beings.

He spoke of the plight of child soldiers in Africa and street children in Latin America as well as UK children who were damaged by poverty, family instability, and abuse.

Children need to be taken seriously as "fellow inhabitants of the globe", he said, and as growing human beings whom we approach with "respect and patience" and from whom we ought to learn.

One of the most damning criticisms of any society would be that it was failing its children, he added.

He said: "So what about a new year in which we try and ask consistently about our own personal decisions and about public policies, national and international, Does this feel like something that looks after our real treasure, something that keeps our real wealth safe - the lives and welfare of the youngest and most vulnerable?' "Jesus said where our treasure is, that's where our hearts will be.

"Our hearts will be in a very bad way if they're focused only on the state of our finances.

"They'll be healthy if they are capable of turning outwards, looking at the real treasure that is our fellow human beings."

Dr Williams' message comes as the Children's Society prepares to publish The Good Childhood Inquiry report early in February, an independent inquiry into the state of childhood.

Dr Williams is a president of the charity and patron of the inquiry.